§ 12:953 — Powers

§953. Powers
In furtherance of its purposes and in addition to the powers now or hereafter
conferred on business corporations by Louisiana statutes, the corporation shall,
subject to the restrictions and limitations herein contained, have the following
powers:
(1) To elect, appoint, and employ officers, agents, and employees; to make
contracts and incur liabilities for any of the purposes of the corporation; provided,
that the corporation shall not incur any secondary liability by way of guaranty or
endorsement of the obligations of any person, firm, corporation, joint-stock company,
association or trust, or in any other manner.
(2) To borrow money from its members and the Small Business
Administration and any other similar federal agency for any of the purposes of the
corporation; to issue therefor its bonds, debentures, notes or other evidences of
indebtedness, whether secured or unsecured, and to secure the same by mortgage,
pledge, deed of trust or other lien on its property, franchises, rights, and privileges of
every kind and nature, or any part thereof or interest therein, without securing
stockholder or member approval.
(3) To make loans to any person, firm, corporation, joint-stock company,
association or trust, and to establish and regulate the terms and conditions with
respect to any such loans and the charges for interest and service connected
therewith; provided, however, that the corporation shall not approve any application
for a loan unless and until the person applying for said loan shall show that he has
applied for the loan through ordinary banking channels and that the loan has been
refused by at least one bank or other financial institution.
(4) To purchase, receive, hold, lease, or otherwise acquire, and to sell,
convey, transfer, lease, or otherwise dispose of real and personal property, together
with such rights and privileges as may be incidental and appurtenant thereto and the
use thereof, including, but not restricted to any real or personal property acquired by
the corporation from time to time in the satisfaction of debts or enforcement of
obligations.
(5) To acquire the good will, business, rights, real and personal property and
other assets, or any part thereof, or interest therein, of any persons, firms, corporation,
joint-stock companies, associations or trusts, and to assume, undertake, or pay the
obligations, debts, and liabilities of any such person, firm, corporation, joint-stock
company, association or trust; to acquire improved or unimproved real estate for the
purpose of constructing industrial plants or other business establishments thereon or
for the purpose of disposing of such real estate to others for the construction of
industrial plants or other business establishments; and to acquire, construct or
reconstruct, alter, repair, maintain, operate, sell, convey, transfer, lease, or otherwise
dispose of industrial plants or business establishments.
(6) To acquire, subscribe for, own, hold, sell, assign, transfer, mortgage,
pledge or otherwise dispose of the stock, shares, bonds, debentures, notes or other
securities and evidences of interest in, or indebtedness of any person, firm,
corporation, joint-stock company, association or trust, and while the owner or holder
thereof to exercise all the rights, powers, and privileges of ownership, including the
right to vote thereon.
(7) To mortgage, pledge, or otherwise encumber any property, right or thing
of value, acquired pursuant to the powers contained in paragraphs (4), (5), or (6) as
security for the payment of any part of the purchase price thereof.
(8) To cooperate with and to avail itself of the facilities of the United States
Department of Commerce, Louisiana Economic Development, and any other similar
state or federal governmental agencies; and to cooperate with and assist, and
otherwise encourage organizations in the various communities of the state in the
promotion, assistance, and development of the business prosperity and economic
welfare of such communities or of this state or of any part thereof.
(9) To do all acts and things necessary or convenient to carry out the powers
expressly granted in this Chapter.

Legislative History

Acts 1969, No. 49, §3.